Market Overview

Second Sight Completes $5.0 million Private Placement of Common Stock with Gregg Williams, Chairman of the Board of Directors


Second Sight Medical Products, Inc. (NASDAQ:EYES) ("Second Sight" or
"the Company"), a developer, manufacturer and marketer of implantable
visual prosthetics that are intended to create an artificial form of
useful vision to blind patients, today announced that it has entered
into a stock purchase agreement effective August 14, 2018 with entities
beneficially owned by Gregg Williams, Chairman of the Board of
Directors, for the purchase of 3,225,807 shares of common stock priced
at $1.55 per share, the last reported sale price of the common stock on
the effective date. This placement of common stock is anticipated to
yield gross proceeds of approximately $5,000,000 to the Company. No
warrants or discounts were provided and no placement agent or investment
banking fees were incurred in connection with this transaction.

This investment provides Second Sight with continued current-year
funding to support several important near-term initiatives to:

  • Advance the Orion™ Cortical Visual Prosthesis System (Orion) six
    person feasibility study being conducted at Ronald Reagan UCLA Medical
    Center and Baylor College of Medicine;
  • Continue to gather clinical and performance data to support safety and
    efficacy of Orion;
  • Complete ongoing development of Argus® 2s, the Company's
    next-generation externals and seek regulatory approvals; and
  • Advance research in areas such as eye-tracking and object recognition
    that can be integrated with artificial vision to provide a more
    interesting and useful experience for users.

"We are delighted to receive this incremental $5 million investment from
Gregg Williams, as we advance our initiatives for Orion and Argus 2s. We
look forward to reporting on our continued progress," stated Will
McGuire, President and CEO of Second Sight.

"This investment reflects my continued profound confidence in our entire
Second Sight team. I am strongly encouraged by the initial results
reported from the Orion patient feasibility study as well as the size of
the potential addressable market opportunity we have identified. In my
view, having five out of five of our initial patients report seeing
light from virtually all of the electrodes in the Orion array certainly
bodes well for the future. I am also very encouraged that Orion received
the FDA's Breakthrough Device designation, which has allowed us to have
efficient and constructive interactions with the FDA. We remain
committed to advancing the groundbreaking Orion technology and serving a
significant unmet need for the millions of blind individuals worldwide
who currently have no treatment available," said Gregg Williams,
Chairman of the Board of Second Sight.

The common stock offered in the private placement has not been
registered under the Securities Act of 1933, as amended (the "Securities
Act"), or any state securities laws and may not be offered or sold in
the United States absent registration or an applicable exemption from
registration requirements of the Securities Act and applicable state

This announcement is neither an offer to sell nor a solicitation to buy
the foregoing securities, nor shall there be any offer, solicitation or
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.

About Second Sight

Second Sight Medical Products, Inc. develops, manufactures and markets
implantable visual prosthetics that are intended to deliver useful
artificial vision to blind individuals. Second Sight has developed, and
now manufactures and markets, the Argus® II Retinal
Prosthesis System. Development of new hardware and software intended to
improve the quality of the vision produced by the Argus system is
ongoing. Second Sight is also developing the Orion™ Visual Cortical
Prosthesis to potentially restore some vision to individuals who are
blind due to many causes other than preventable or treatable conditions.
Second Sight's U.S. headquarters are in Los Angeles, California, and
European headquarters are in Lausanne, Switzerland. For more
information, please visit

About the Argus II Retinal Prosthesis System

Second Sight's Argus II System provides electrical stimulation that
bypasses defunct retinal cells and stimulates remaining viable cells
inducing visual perception in individuals with severe to profound
retinitis pigmentosa (RP). The Argus II works by converting images
captured by a miniature video camera mounted on the patient's glasses
into a series of small electrical pulses, which are transmitted
wirelessly to an array of electrodes implanted on the surface of the
retina. These pulses stimulate the retina's remaining cells, intending
to result in the perception of patterns of light in the brain. The
patient must learn to interpret these visual patterns, having the
potential to regain some visual function. The Argus II is the first
artificial retina to receive widespread commercial approval, and is
offered at approved centers in Canada, France, Germany, Iran, Italy,
Russia, Saudi Arabia, Singapore, South Korea, Spain, Taiwan, Turkey, the
United Kingdom, and the United States. Further information on the
long-term benefits and risks can be found in the peer reviewed paper at:

About the Orion Visual Cortical Prosthesis System

Like the Argus II, the Orion converts images captured by a miniature
video camera mounted on the patient's glasses into a series of small
electrical pulses. The Orion is designed to transmit these electrical
pulses wirelessly to an array of electrodes implanted on the surface of
the visual cortex, intended to result in the perception of patterns of
light. By bypassing the retina and optic nerve and directly stimulating
the visual cortex, a cortical prosthesis system has the potential to
restore useful vision to many more patients than the Argus II, including
patients completely blinded due to many reasons, including glaucoma,
diabetic retinopathy, or forms of cancer and trauma. The Company is
currently conducting a feasibility study in the U.S. at two centers: the
Ronald Reagan UCLA Medical Center and Baylor College of Medicine in
Houston. No published clinical data is yet available for the Orion.

Safe Harbor

This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange and Exchange Act of 1934, as
amended, which are intended to be covered by the "safe harbor" created
by those sections. All statements in this release that are not based on
historical fact are "forward looking statements." These statements may
be identified by words such as "estimates," "anticipates," "projects,"
"plans," "goal," or "planned," "seeks," "may," "will," "expects,"
"intends," "believes," "should," and similar expressions, or the
negative versions thereof, and which also may be identified by their
context. All statements that address operating performance or events or
developments that Second Sight expects or anticipates will occur in the
future, such as stated objectives or goals, or that are not otherwise
historical facts, are forward-looking statements. While management has
based any forward-looking statements included in this release on its
current expectations, the information on which such expectations were
based may change. Forward-looking statements involve inherent risks and
uncertainties which could cause actual results to differ materially from
those in the forward-looking statements, as a result of various factors
including those risks and uncertainties described in the Risk Factors
and in Management's Discussion and Analysis of Financial Condition and
Results of Operations sections of our Annual Report, on Form 10-K, filed
on March 20, 2018, our most recent 10-Q, filed on August 7, 2018 and our
other reports filed from time to time with the Securities and Exchange
Commission. We urge you to consider those risks and uncertainties in
evaluating our forward-looking statements. We caution readers not to
place undue reliance upon any such forward-looking statements, which
speak only as of the date made. Except as otherwise required by the
federal securities laws, we disclaim any obligation or undertaking to
publicly release any updates or revisions to any forward-looking
statement contained herein (or elsewhere) to reflect any change in our
expectations with regard thereto, or any change in events, conditions,
or circumstances on which any such statement is based.

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